Movement Alert｜Core Scientific, Inc. Rises 5.48% in Regular Trading, B. Riley Raises Target Price Sharply to $42

Market Focus08-03

On August 3, Core Scientific, Inc. rose 5.48% in regular trading, trading at $21.79/share, with turnover of $79.25 million. The rally was driven by B. Riley raising its price target on Core Scientific from $33 to $42 while maintaining a Buy rating, implying approximately 92% upside from the current share price.

The target price increase reflects the company's recently announced partnership with AMD for up to 2.5 gigawatts of data center capacity, with more than 500 megawatts in the US beginning in 2027. Under the deal, AMD received market-priced warrants to purchase Core Scientific shares, deepening strategic alignment between the two companies. FactSet consensus shows an average rating of Buy with a mean target price of $36.71.

This marks the second analyst upgrade in less than a week, following Keefe, Bruyette & Woods raising its rating to Outperform from Market Perform on July 30 with a $28 target. Multiple institutional upgrades have created a bullish resonance effect. Notably, the company's Q2 revenue of $164.2 million beat estimates, though its net loss of $3.32 per share significantly exceeded expectations, indicating fundamental headwinds remain despite the strategic transformation narrative.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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